tv FOX Business After the Bell FOX Business August 23, 2012 4:00pm-5:00pm EDT
told brothers is one of them. they said they sold the most since the recession but today they are down and doing well today. liz: what an incredible run over the past six to eight months. the bells are clanging on wall street and stocks -- should we go down? dow jones industrials of the lows. worst of the session down 114. the s&p let me see that level. normal -- we have a trader from the cme saying watch for aquino to. stay at or above it. anything below we have another floor of the lowest. the russell 2,000 down 1%. dave: smaller mid-size. the dow closing in the red for the fourth straight day. top money managers give you insights into your investments. liz: it started this morning with new data showing home sales rising. fox business exclusive with the
c e l of homebuilders, the stock has done beautifully over the past year. what he thinks will be the biggest challenge of the housing recovery that gained steam too quickly. dave: before that street fight we will tell you what drove a market for the data download. we stay on wall street with major industries with the dow closing down for the fourth day in a row. the longest losing streak in three weeks. all the s&p sectors end and a red led by materials and utilities and jobless claims rose for the second straight week climbing to 370,000. this is the highest level in a month. the four week moving average seen as a better indicator rising to 368,000. gold surging to a four month high on hopes of more stimulus if you can call it that from the federal reserve. the precious metal inching towards the $1,700 an ounce mark closing up 2%.
liz: kevin craney has been in the pits of the cme group all day long and bullish on the stock market but bill nichols says equity investors should take their foot off the gas pedal for now. we talked about new home sales and other things. china overnight came out with manufacturing data that looked rather week. i am wondering if that started the ball rolling downhill day. >> that is a concern when you see that. when you have asia and europe against one another that sets the ball rolling. markets are attired at new highs for the year and wondering if we will see stimulus from different parts of the world and a little bit of a pullback is needed at this point in time. dave: there was a little bit of a pullback in terms of analysis what the fed was up 2. we got there notes which three weeks ago said they were more
likely to do some sort of stimulus but we have had better than expected jobs picture and retail sales. the analysis today is different from yesterday and yet bold skyrocketed today. why is that? >> when you look at what those said and the data is the little -- in some regards i would agree. and it is not bad enough -- [talking over each other] dave: that is my point. since the information sins the minutes are anything but indicating another q e 3 i thought gold would be more moderate. >> reporter: it is trading in a wide range for several months. a lot of momentum built up and stop orders being hit. that is why you see gold at this
particular point in time. liz: i never liked talking about treasuries. they're not the best opportunity for investors but we cannot deny that this matters to a lot of investor viewers at the moment and you look at the ten year today lowest in a week when you talk about the yield and we have been climbing back up. is this a sign of beer coming back into the market? >> don't know that it is a sign of fear coming into the market but we put this in the s&p for the time being and we need a catalyst to give us momentum to break through these highs and move forward through the rest of the year. people taking a little off the table and sinking back into treasurys and when you see a report like yesterday from the fomc minutes that they may come in it adds people to bid the treasurys a little higher in case anything like that may happen. >> thank you. we will go back to kevin when he isn't the futures close.
dave: time for a street fight with the bulls. tim corby is a wealth chief investment officer. for the bears we have phil nicholas who is co head of u.s. equity trading. i want to start with you. a lot of focus on the fed. i don't like to call another stimulus because past fed actions of not stimulated the economy. the economy has gone down since the first stimulus began. stimulus is a misnomer and mitt romney was asked about this by peter barnes earlier in the day. i want to play that sound bite and get your reaction. >> i don't think qe2 was terribly effective. i think q e 3 and other fed stimulus is not going to help this economy. dave: does wall street share that view? >> i would agree with romney. at this point any further stimulus is not doing much. i think markets are oil -- we
have a 12% rally since june 1st. the pullback is natural. i don't think the fed can have that much effect right now. liz: we can talk whatever direction you like to go but you cannot deny the markets a down and we see people questioning what the fed will do. should that be at the forefront of investor softness right now? >> we have had a good run up in the market but we like where the markets are priced. i won't say there are not a lot of risks and bad news but that bad news is priced into these markets. you don't get paid to be comfortable in markets. you get paid for taking on risks. companies have a pretty lobar to cross. profits for every $100 you invest are getting $1 compared
to $3 for real-estate investment or $1 and change. as companies meet low expectations we expect the market to do well like it has today. dave: you think the market is overbought. what leads you to that conclusion? >> the pace of the rally. i agree with the other guests that at this point from the evaluation standpoint the market is okay but we had a big run. when you are up 12% in a 3 month period is time to take a breather. you can see the pullback and fundamental and the market will follow fundamentals. >> where are you telling them -- >> typically when you see a run like this you have more defensive names, not really outperforming but -- those type of sectors are better when the market pulls back. the big picture is a big run-up
with culet and delta last couple days you see that. it really is the have and have nots. you can't just pick out one sector. dave: you think the risks have been priced into this market which is why it has more room to grow but you think the risk of an israeli strike against iran has been priced in the market? with the market react negative to something like that? >> yes. some of these one of events that the market is not expecting them and a low probability of these things happening on not priced in. that could affect markets in the short-term but long term they look very attractive especially international stocks which because of low growth occurring in europe and elsewhere, those stocks are even lower. dave: can you be specific? >> international -- european companies priced at a huge
discount. they're priced at 50% discount from their book value so those look very attractive and international real estate is trading below that. >> a couple ticker symbols. i want to push you hear on this. when you look at these two entities in particular, is it an opportunity to say these are baskets where you can get more exposure without having to go into the weeds of individual research? >> exactly. we think the market is so undervalued relative to other assets, we wouldn't recommend spending time focusing. >> who has the time? >> we would recommend that you buy diversified basket of stocks on average. they're all very inexpensive and you will appreciate the market
returns as they occur. >> is the election going to affect the market? >> the election will affect the market but once we get through it the market will be okay. [talking over each other] >> got to ask you to be specific. how will the election affect the market? >> the market does not like uncertainty so until we get a final result market will be shopping around. once we get a final result i think the the way it will be better. obviously with mitt romney winning it will be better for the market the the the way the 70 of getting out of the way will alleviate one more uncertainty in the marketplace which is bad for the market. liz: historically the markets have done very well in election years no matter who wins so fascinating to watch. good to see you both. we have an earnings of that. salesforce.com, falling in after market. >> a couple things going on. the revenue is seven thirty-two million. the street is expecting $728 million. the street was expecting $0.39 per share but what investors are
worried about is when you get into the report talking about the net loss in the range of $0.27 to $0.26 going forward. part of this has to do with stock based compensation expenses. that will be around $99 million. you got to read into this. it is almost down 5%. liz: salesforce.com helps businesses run more efficiently. the ticker symbol c r m calfs stands for customer relationship management. that is what they do but they do it in the co-op but it has been volatile. >> a lot of competition in places like oracle and microsoft competing in a very tight market. that competition may be hurting. they plan to increase their head count. they will be spending more money in a lot of things affecting that stock. liz: did you see gold futures?
unbelievable. rallying today by $30 that there is one factor that could change the yellow metal's upward climb. we have a top analysts to tell you what is next. dave: a look at the housing market from the very front lines. c e l of home builder, one of our favorite guests is here to tell us the inside story and the challenges of what are hurting and helping the housing market right now. fox business exclusive coming up. liz: another fox business exclusive. mitt romney speaking only to peter barnes. find out why he said he is not looking to cut taxes for wealthy people. that is coming up "after the bell". [ male announcer ] let's level the playing field.
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you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. dave: s&p futures closed. let's go to kevin brady. the question is will it be four days in a row? >> it will be four days of
downside little more downside as we go to the close. certainly again people taking cash off the table it has been a nice run and we are due for a correction which is what we're seeing in this fourth day. liz: thank you very dave: shares of big blocks sinking after week guidance. liz: back to lauren simonetti for the story on big blocks. >> big lots is a big drop and lost a quarter of its value taking you to the screen where it trades. the volume is huge. this is the closing price for a decline of 21%. it hit an annual low and was the most active traded stock in the new york stock exchange and the biggest loser on the s&p 500. not only was the profit and revenue down and missing expectations but they cut their full year numbers for the second time and also expect further
weakness in discretionary products which is 70% of their business so the news is not good now matter how you cut it. you saw the damage. i just walked over the carpet. [talking over each other] liz: the traders throw everything on the floor. dave: there you go. [talking over each other] liz: too busy to find a trash can lid gold prices rising on hopes of more easing from the federal reserve just days before ben bernanke is scheduled to speak and the well-known jackson hole, wyoming symposium. dave: next analysts as price changes could be ahead depending on the fed's next move. the senior commodity consultants for intel. joins us now. good to see you. we should mention there is very light volume. this is not on par with what happened year ago when there was a huge massive gold rush. >> i would agree with that.
we are not seeing all the cylinders firing in gold. the investment demand is weak. jewelry demand is weak. this is still a significant move but not broadbased. liz: why did it happen? we are sitting here surmising it was because people believed that the fed or any central bank had no choice but to pile it in higher and deeper and the dollar did get weaker. this is quite the dramatic move. is there something we are missing? >> if you look at the timing was just about right. the fed minutes came out yesterday which were quite positive in terms of easing and concurrently you have the europeans contemplating loosening some of these austerity moves, buying more sovereign bonds and moving east where you go to china. the government is saddled with a
slowing economy, more specifics to that effect came out today and there is talk of lowering reserve requirements and lowering interest rates and kind of offering incentives on the consumer side to kickstart demand there as well. you are seeing a try polar number of regions moving toward easing. the gold bugs have picked up on that. dave: wondering what was moving gold. what happened with the fed notes. there was a little pullback. yesterday it assumed we saw the minutes that they were going to do more money printing. now a little pull back from that. wasn't the story of gold really more about china than it was about the fed? >> it is hard to say. the general point is all these central banks are moving towards easier money.
that is music to the ears of the gold bugs. they need to -- we need to see no economic sort of calamities occur. as long as the stimulus is coming in in order without causing much commotion i think gold will go up. sort of cataclysmic event you could see a set back. kind of a balancing act to. liz: silver jumped bigger than what we saw. silver off of highs of the session. let's not miss out. any other metals out there that you feel can benefit from potential monetary listening? >> gold is probably the leader right now. platinum and silver are both kind of poor cousins to gold but they each aren't going to be capable of beating the rally because gold is more well represented across the globe.
it has more deals in terms of being an alternative head against paper currencies. dave: how much boulder you have? >> i sold it unfortunately. shows you how much i know. liz: thanks, good to see you. dave: the housing market getting another boost today but there may be one roadblock to the housing recovery. the c e o of homebuilder joining us exclusively to tell us what he thinks that could be. dave: walmart. a lot of you own this stock. taking a bigger shot at the multi-billion dollar health care industry. the details straight ahead. people with a machine.
liz: here is the scorecard. don't know how i got so far behind that david is in the lead. somebody is cheating. federal trade commission clears facebook's acquisition of instantgramm the takeover deal announced in april of $1 billion. a drop in facebook at stock price bringing it down to seven sixteen million. hurricane warning in effect for parts of the dominican republic as a tropical storm isaac moves westward on track to hit florida late sunday or early monday.
the first annual net loss since 1995 fighting fuelled prices and labor strikes and a lack of profit. and to cancel its order for 35 new boeing 787s. walmart will offer vaccinations in 2700 stores with immunizations of tendencies available at pop up kiosks. they will use nurses instead of pharmacists to a minister the injection. motorola mobility will reduce the lowest flagship on september 5th. that will be sold by verizon for $150 and that is today's speed read. i am smiling. dave: she was pinching me the whole time. republican presidential candidate mitt romney speaking with peter barnes in a fox business exclusive interview on taxes that raise a lot of subjects. liz: highlights from the conversation. would you picking?
>> we covered a lot of ground including the fiscal cliff extending the bush tax cuts for everybody. tax reform and who is wealthy? president obama says his family is making $250,000 a year. governor romney has not answered that question yet so here is what he said. >> i am not looking for high income people to pay a lower share of the total tax burden in the country. at the same time i am going to make sure middle income families don't pay more in taxes and middle-income families to not a higher share of the tax burden in the country. those are the key elements of the plan and with regards to making sure that is the case there is no particular, of other than to look at various groups. the top 1% of the top 5% of the top-10 present and so forth to look and see whether we have to our plans inadvertently given a big hike for a reduction that was an intended that one
particular income group we need to take action, a sure we don't save the progress -- i am not looking at leno the obama want to say to reduce taxes for wealthy people. i'm looking instead to lower tax rates and limit deductions and exemptions in such a way the we have small businesses able to keep more of their capital and at the same time simplify the code. >> you wouldn't get specific when i followed up on those points. the governor was in new mexico unveiling a new energy plan that focuses on energy independence for the united states by 2020 and expand offshore oil and gas billing and give states more regulatory power over development of energy resources within their borders. dave: i want to be clear on taxes. he does want to lower tax rates on all income classes but get rid of deductions for the wealthy. >> that is what he is proposing. dave: federal reserve chief ben
bernanke is not a huge fan of ben bernanke. we just played his feeling that qe 3 wouldn't do better than qe2 or qe 1 did. does he say who he would pick the head the federal reserve if he doesn't appoint ben bernanke? >> this issue became -- glenn hubbard from columbia university raised this issue saying mitt romney should reconsider his position that he doesn't want ben bernanke for another term. not that he is looking for the job but mitt romney said no. ben bernanke is not my guy. he threw him under the bus. it was interesting. i said what about hundred? is he not potentially a candidate to become chairman of the federal reserve in a romney administration in 2014 and he said on haven't really looked into that but he mentioned hubbard as a good adviser as well as greg -- i keep getting -- can't get that one out -- at
harvard university as one of his advisers. interesting he offered that. liz: glenn hubbard is head of the business school. dave: maybe should reconsider appointing -- >> that is why -- [talking over each other] liz: thank you very much. we got new home sales, home-building c e o not afraid to tell it like it is. we will talk about what he says people are missing when they look at all the housing data. dave: a key meeting in europe today. top economist who says there are two countries posing a major risk to the european union and neither one of those is greece. he will tell us which ones coming. liz: what worries you about the european debt prices for our own economy? log onto facebook.com/ robert: and tell us what you think. what is keeping you up at night?
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for the best summer sweepstakes. liz: a miss on a plummeting stock price for autodesk. let's get to adam shapiro. >> their stock is down roughly 21%. part of it is a miss on revenue. they're going to restructuring cloud delivery. in connection with that restructuring they're also lowering their guidance going forward. ashley: they also had very high exposure to europe which wfk is also hurt them. thank you very much have, adam. time for a look at today's market drivers. all major indices closing in the red. the dow ended down the 4th day in a row, the longest losing streak in three weeks. new home sales rose 3.6% in
july. this match ad two-year high hit back in may. the commerce department reporting sales of new homes reaching 372 over the past year. sales have jumped 25%. fixed mortgage rates moved higher last week for the fourth week in a row. the average 30-year still low, rose to the 3.66% from 3.62% the prior week. july new home sales we mentioned. 3.6% increase from june, 7,000 higher than analysts expected. could the market have finally bottomed out. liz: how many times have we asked that question? ashley: a lot. liz: is it true? joining us in a fox business exclusive, ara hovnanian, chairman and ceo of hovnanian enterprises. you've been with with us since the network started. data is looking better by the moment.
have we passed bottom. >> i think we're past the bottom. the market started turning three quarters ago and this reinforced the fact we're there. it is beginning in a big way. people are focusing up 3%, new homes sales over the prior month. up 20 5% over the same month last year. month after month positive results. all the public homebuilders are announcing it. it is happening. ashley: your stock is up as well swo you're benefiting from all this but i have to ask about the legacy what we've been through over the past five, six years which is that first homebuyers, always tough to buy your first home. >> sure. ashley: you hesitate. your hand becomes paralyzed when you sign the check. seems impossible and take as leap of faith. in these times that leap of faith is even harder. do we have a whole young generation now of people so afraid of buying their first time they will be renters for life? >> i don't think so. i certainly think that was a lot of speculation but
survey after survey, i were concluding those done by some that were skeptical show renters do want to own. that dream hasn't changed. qualifications for the first-time home buyers are challenging but as soon as they can qualify they're out in the marketplace. liz: that's what i wanted to ask you. let's say you have open house time and hovnanian home brand new is being shown. somebody walks in says, i am ready, i have 20, 25% down payment, more of a jumbo loan i'm sure, are you seeing them get loans are or they being turned down? >> they, okay, it really is a world that you have to break into different components. those with very clean credit, there is more than ample --. liz: define fico score what? >> 700 plus, no problem. if you're in the mid 600s, which for decade was very good red, i could qualify for a mortgage you would be credit worthy. but after the whole subprime problem, they are having
problems getting mortgages today. so if you have a little blemish it is a little more challenging. interestingly it's not the first time that you would think, the first time buyer you would think is fueling the market. those buying some larger homes and part of it is because rates are so low. they're up to 3.7%. the monthly payments are so low, that a lot of buyers are stepping up right now. ashley: and a lot of investors are coming in. the number, the amount of people buying in cash is huge. amount of people buying houses and multifamily dwellings, for rental has also increased tremendously. you guys are into retirement communities as well? >> we do active adult, yeah. ashley: you do some of those communities. are they on the rise as well? >> we're seeing primary owner occupied buyers. liz: active adult is the new term. we just learned something. >> because they're not retired. they're working. david: yes. >> typically in their late
50s and working. liz: your name is on the plate, it is on the shingle. at some point this stock was below a dollar. you have come fighting back. at your darkest moment during this subprime implosion and the real problems there did you ever think to yourself, i can't sustain this? i mean it is great to see you coming back. >> i'm a homebuilder. we're eternal optimists. we're always thinking it will get better. my father started, late father started this business over 50 years ago. we've been through a lot of cycles, good, bad. this is clearly the doozy. we've been through it. we know what we have to do. the good news, the bad news about a cycle when you go down it's not fun the good news after it goes down it goes up. and we are in the up side. david: what is the primary signal you need right now to really put you on a trajectory, not just bottoming out but really taking off? >> well we announced last quarter our sales were up 52%. liz: man. >> that's huge. our gross margins increased.
pricing is going up. we're hearing that from public builder after public builder. we're releasing in 10 days i think the market will hear more of the same. liz: you have to meet and do the tap dance with institutional investors largest holders of your stock, do they believe that? are they saying we're sticking with you? >> we're feeling good. gso and blackstone make a major investment with us to create $100 million land bank fund. liz: that's news. >> for our equity as well. that was just last month. so yeah, we're absolutely seeing it. david: i have to ask, i'm pressing you on this point because i didn't get an answer. if for example, interest rates go up significantly, one or two full percentage points -- >> which is not going to happen but go ahead. david: is that what you fear most? >> to be honest what i really fear right now the market improves too quickly which would make construction more challenging. a lot of people left the industry and pricing would be under pressure. our pricing. david: worried about crowding out? >> i worry about that more
than the likelihood of higher interest rates and a further slowdown. liz: we love getting updates from you, please come back. >> glad to. liz: ara hovnanian, ceo of hovnanian enterprises. greece asks european leaders for more time to get its economy back in line. more time, not more money. we have somebody who says the debt-stricken country is not europe's biggest problem. he will tell us what he is watching next. david: you see the pictures. low water continuing to block barge traffic. we're taking you to clinton, iowa for the latest how the drought is doing and how it will affect your bottom line
communications commission for the nearly $4 billion spectrum deal. the fcc finished review after the justice department cleared the way for the deal to go through but the doj put constraints on the company's marketing agreement. eastman kodak is taking further steps in its reorganizing effort to emerge from chapter 11. "the wall street journal" reports the company will focus primarily on its commercial packaging and functional printing solutions as well as enterprise services. kodak is exploring the sale of consumer business and that's the latest from the fox business network, giving you the power to prosper.
at nyu. he joins us now. nicholas, what happens to greece and europe in general if greece has to leave the euro? >> that would be a complete disaster both for greece and europe. david: how? in what way? >> well, first of all, there would be a run on the banks in the transition from, of greece to a new drachma. that is problem number one. problem two, there is going to be very high inflation as the new drachma gets heavily devalued against the euro. third, the new greek government is going to print a lot of drachmas. so that will be creating even more inflation. and people are going to see in greece their incomes fall dramatically. so that is a disaster for greece. what about the rest of europe? first of all they're going to repercussions, financial repercussions because of bilateral agreements over banks and greek companies
with european and other foreign companies. second there are going to be political repercussions. >> we talked about this segment saying that you are a smart person who is not as worried about greece as you are about what? what is more pressing right now, professor? >> well, i am much more worried about italy and spain because they're larger countries. so if something goes wrong with them then the euro falls apart immediately. so i would be much more worried about spain and italy especially since the european stability fund is too small to be able to deal with italy and spain. david: so, professor, where does all the money come from? >> well, i mean it would will be just guaranties from the aaa countries of the european union. that is not such a big deal. it is a rather cheap way to finance the stability. liz: do you think angela merkel will come around? she has held off because she
has a constituency that is very much against spending its country's money on these other countries which have not been as austere or at least responsible? >> i think not. i'm afraid she's not. the best thing would be if you change her mind and be much more pro-european and much more pro euro. i'm afraid she is following slavishly the political currents of her own country and she is going to stay a local politician rather than a promoter of european unity. david: got to leave it at that. nicholas, great to have your views. thank you for coming on. please come back. liz: thank you. >> thank you. david: also drought conditions leaving dozens of barges stranded along the mississippi. we saw this before with jeff flock. he is a little more stable. not moving as fast as he was yesterday. where are you now, jeff? what is the latest. >> we'll get to the that. we're in clinton, iowa. we're at ad. in, archer daniels midland.
david: the worst drought in decade draining the midwest's main shipping lane and hurting businesses on the mississippi river. liz: earlier today fox business spoke to mississippi governor phil bryant in a fox business exclusive about the drought's impact on commerce. >> we're concerned about our farmers trying to get that product on those barges and out. it is very difficult because they have very light loads because of the low water that we see. amazing and challenging situations here at the mississippi river. liz: indeed. now let's get on the mississippi river. jeff flock is right there in clinton, iowa. jeff? >> this is exactly how they get them out. the barns he was talking about. take a look it. those are the numbers on the draft. nine feet is what the channel is typically. that is not loaded yet. that is a big box barge. they are loading them. look at latest from down the mississippi. open waters on southern mississippi. tows are moving northbound
we were told by the coast guard. 31 are cleared. the southbound back up is cleared. tell you how fast the boat can run. i want to quickly throw up the u.s. drought monitor map and let you know the latest on the drought too. 23% of the nays, the lower 48 now, in severe drought. want to give you as much of a picture as we can along the mississippi before we get away. how fast do you think we're going? >> about 73, 74. >> 73, 74. go ahead and give us your best as we 12 you and show you the archer daniels midland plant along here. this is one of the many companies along the mississippi river that rely on this river to ship and it has really put a crimp into their style. these guys ship out all sorts of corn, soybeans overseas for export. they also process those grains into product for the u.s. if i spin around, you
i'm going to be headed off to chase that hurricane pretty soon. this is a little bit of what we'll get. 74, 75 mile-an-hour wind. that is what a hurricane is like. thanks for backing off, gary. we'll lose our shot. there you go. just a little taste of a hurricane for you. liz: jeff, you're not joking. you have covered just about every hurricane have you in the past 20 years. how many? >> in the last, almost 30 years, it has been every major hurricane to hit the u.s. in the last 30 years. i'm proud of that. we have one more coming look like. david: now standing up to hurricane strength with blue skies behind him because of that boat. very good, jeff. >> so far. liz: the numbers you need to watch that could shake up your investments. it is "tomorrow's trades today" next. if you have copd like i do, you know how hard it can be to breathe and what that feels like. copd iludes chronic bronchitis and emphysema.
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